Bank owned sales, third-party foreclosure auctions and short-sales continue to decline on an annual basis, according to a new report. ATTOM Data Solutions’ Q1 2019 Home Sales Report shows that total distressed home sales accounted for 14.2 percent of all single-family and condo sales last quarter. This is down from 15.2 percent a year ago.
Distressed properties can often be bought at far below market range and are a popular choice for investors looking to “flip” homes.
With increased home values and low mortgage rates, buyers have been able to fend off foreclosures and short-sales, keeping distressed properties on the market at their lowest point in years.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.